Eth 557 Week 2 Dq 1

ETH 557 Week 2 DQ 1

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ETH 557 Week 2 DQ 1
Research the elasticity of beef and eggs in regard to price changes. How do supply, demand, and price controls interact to affect equilibrium price of eggs? Why do customers have a more elastic buying response to beef than to eggs?

ETH 557 Week 2 DQ 2

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ETH 557 Week 2 DQ 2
What would be the consumer buying response to Coca-Cola if the price of Pepsi doubled? If the prices of Coca-Cola and Pepsi remained constant, what would be the consumers typical buying response to these products if their income was reduced by 30%? Suppose all carbonated beverages tripled in price. How would the concepts of utility, income, and substitution predict consumer behavior based on the rise in the cost of carbonated beverages?



ETH 557 Week 2 DQ 3

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ETH 557 Week 2 DQ 3
What are the determinants of demand and what happens to the demand curve when each of these determinants change? What is the difference between a change in demand and a change in the quantity demanded?